US mortgage applications rise 2.8pc

(Sharecast News) - US mortgage applications rose 2.8% in the week ended 14 February, according to the Mortgage Bankers Association, partially reversing the roughly 20% cumulative decline seen over the previous three weeks. The modest pickup came as benchmark mortgage rates slipped by four basis points, edging back toward the 16‑month lows reached in late January.

Applications to refinance a mortgage, which are typically more sensitive to short‑term rate movements, jumped 7% on the week.

However, applications for mortgages to purchase a home fell 3%, with the MBA noting that limited new supply continued to keep many prospective buyers on the sidelines.





Reporting by Iain Gilbert at Sharecast.com